Refinance your private held mortgage.
FHA allows you to refinance and will require on time mortgage payment history verification on all loans. All FHA loans require a minimum credit score of 500 to refinance.
FHA seasoning requirements will vary depending on credit score and loan amounts. Rate and term refinance may not require any seasoning. Cash-out refinance may require 6-12 months seasoning.
FHA allows you to refinance a maximum loan-to-value of 97.75% with credit score above 580. FHA allows you to refinance a maximum loan-to-value of 90% with credit score below 580.
Fannie Mae allows you to refinance and will require on time mortgage payment history verification on all loans. All Fannie Mae loans require a minimum credit score of 620 to refinance.
Fannie Mae seasoning requirements will vary depending on credit score and loan amounts. Rate and term refinance may not require any seasoning. Cash-out refinance may require 6-12 months seasoning.
Fannie Mae allows you to refinance a maximum loan-to-value of 95%.
Refinance private held balloon mortgage. If you have a balloon mortgage FHA and Fannie Mae will allow you to refinance.
A perfect credit score is not needed for an FHA loan approval. In fact, even if you have had credit problems, such as a bankruptcy, it's easier for you to qualify for an FHA loan than a for a Fannie Mae loan. Sometimes scores down to 500 are accepted if there are compensating factors that offset the credit risk.
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What documentation will I need?
• Clear copy of all mortgage payments (cancelled checks front and back)
• Personal tax returns for the past 2 years
• Bank statements for last 2 months (all pages)
• Copy of home owners declaration page
• Mortgage payoff
• Clear copy of Driver’s License (front and back)
• Clear copy of SS card (front and back)
• Addresses and loan information of other real estate owned (if any)
Refinance Private Mortgage, Refinance Florida Private Mortgage, Refinance New York Private Mortgage, Refinance Florida Private Mortgage, Refinance Private Held Balloon Mortgage,
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www.MORTGAGE-WORLD.com LLC is an online mortgage company specializing in FHA loans for first time home buyers.
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FHA loan requirements new borrowers with less than a 580 credit score will be required to put down at least 10%
FHA requires a minimum credit score of 500 to buy a home or refinance
Chapter 7 Bankruptcy at least two years must have elapsed since the discharge date
Foreclosure must have been resolved for at least 3 years
Government loan: Seasoning is determined by the date the claim was paid
Loans other than Government: Seasoning is determined by the date of sale the lender sold the property
FHA guidelines requires three year past from the date of sale of the property
What documentation will I need?
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